Roger Biduk writes:
Deepening economic gloom pushed stock markets into the red for the fifth straight day Tuesday as investors worried further intervention in financial markets won't prevent a looming recession.
Toronto's S&P/TSX composite index fell 400.88 points to 9,829.55. The benchmark had been up more than 250 points in the morning.
That followed Monday's 573-point loss and 800-plus declines on two separate days last week. The TSX has lost about one-third of its value from its high in June.
The Canadian dollar was down 0.67 cent to 90.31 cents US. The currency has lost more than three cents against the American dollar since the start of October.
The TSX Venture Exchange lost 39.64 points Tuesday to 1,094.46.
In Toronto, the energy sector was down 6.3 per cent even as crude oil posted an increase of $2.25 to US$90.06 a barrel after plunging to an eight-month low Monday on recession fears.
EnCana (TSX:ECA) was down $4.03 to $52.17, and Suncor Energy (TSX:SU) lost $2.34 to $29.16.
The gold sector added 1.2 per cent as the December gold contract on the New York Mercantile Exchange gained $15.80 to $882 an ounce. Goldcorp (TSX:G) was up $1.85 to $28.83, while Barrick Gold (TSX:ABX) added 87 cents to $33.67.
The TSX metals sector lost 6.9 per cent on lower commodity prices. Sector heavyweight Teck Cominco (TSX:TCK.B) was down $2.42 or 11 per cent to $19.96.
The financial sector declined 4.4 per cent. Bank of Montreal (TSX:BMO) lost $1.21 to $39 and Bank of Nova Scotia (TSX:BNS) declined $1.85 to $43.15. Manulife Financial (TSX:MFC) lost $2.04 to $32.67.
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Showing posts with label stock market. Show all posts
Showing posts with label stock market. Show all posts
Tuesday, October 7, 2008
Saturday, September 27, 2008
Roger Biduk - TSX Drops almost 800 points for the Week
Roger Biduk writes:
The Toronto stock market has tumbled more than 400 points or about three per cent at the end of a punishing week.
The TSX was hit with a triple whammy - uncertainty over an American financial system rescue plan punished bank stocks, BlackBerry maker Research In Motion (TSX:RIM) shares took a huge drop and lower oil prices sent energy stocks down.
The S&P/TSX composite index finished the day well off its 518-point low of the day, down 420.51 points to 12,126 for a loss of 787 points or 6.1 per cent this week.
Normally, a 400-plus point drop is big news, but this is only the fourth-largest drop in the month so far. The index also soared almost 850 points in one day a week ago.
Research in Motion's disappointing quarterly earnings torpedoed its stock, dropping more than 25% to $75.45 in the opening minutes, a $24.49 change. RIM showed no signs of recovery at the close, finishing the day at $72.57, a $28.43-per-share drop, or 28.15%, to lead a widespread fall-off across all the major sectors on the exchange.
Meanwhile EnCana Corp. and Suncor Energy stocks were both hit hard. EnCana closed at $71.22, down $3.40 or 4.56% while Suncor settled at $46.55 a 4.67% drop for $2.28 per share.
The two largest energy companies on the exchange contributed to a 28.34% slump in the sector as world markets worried disappearing U.S. credit would strangle global growth and lessen demand in crude oil and other resources.
The Canadian dollar closed up 0.14 cent at 96.82 cents US.
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
The Toronto stock market has tumbled more than 400 points or about three per cent at the end of a punishing week.
The TSX was hit with a triple whammy - uncertainty over an American financial system rescue plan punished bank stocks, BlackBerry maker Research In Motion (TSX:RIM) shares took a huge drop and lower oil prices sent energy stocks down.
The S&P/TSX composite index finished the day well off its 518-point low of the day, down 420.51 points to 12,126 for a loss of 787 points or 6.1 per cent this week.
Normally, a 400-plus point drop is big news, but this is only the fourth-largest drop in the month so far. The index also soared almost 850 points in one day a week ago.
Research in Motion's disappointing quarterly earnings torpedoed its stock, dropping more than 25% to $75.45 in the opening minutes, a $24.49 change. RIM showed no signs of recovery at the close, finishing the day at $72.57, a $28.43-per-share drop, or 28.15%, to lead a widespread fall-off across all the major sectors on the exchange.
Meanwhile EnCana Corp. and Suncor Energy stocks were both hit hard. EnCana closed at $71.22, down $3.40 or 4.56% while Suncor settled at $46.55 a 4.67% drop for $2.28 per share.
The two largest energy companies on the exchange contributed to a 28.34% slump in the sector as world markets worried disappearing U.S. credit would strangle global growth and lessen demand in crude oil and other resources.
The Canadian dollar closed up 0.14 cent at 96.82 cents US.
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
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